Trump Pledges Crypto Reforms in Coinbase Address as Bills Near Vote

Trump Pledges Crypto Reforms in Coinbase Address as Bills Near Vote

President Touts GENIUS Act, SEC Shakeup, and Stablecoin Support Amid Senate Debate

President Speaks Directly to Crypto Industry Amid Legislative Push

In a recorded video address at Coinbase’s State of Crypto Summit, U.S. President Donald Trump declared his administration’s continued commitment to shaping the future of cryptocurrency policy. His message arrived as the Senate edges closer to voting on the GENIUS Act, a bill aiming to regulate payment stablecoins, while the House of Representatives considers the CLARITY Act, which would define oversight roles for the SEC and CFTC.

“My administration is working with Congress to pass the GENIUS Act, supporting the creation of dollar-backed stablecoins,” said Trump. “We also will be working to create clear and simple market frameworks that will allow America to dominate the future of crypto and Bitcoin.”

This marks Trump’s second direct message to the crypto industry since assuming office in January, following a personal appearance at the Bitcoin 2024 Conference in Nashville and a prior address to the Digital Asset Summit in New York City.

Policy Commitments: From Stablecoins to SEC Leadership

In his address, Trump claimed credit for several key moves already made by his administration:

• Creation of a national Bitcoin reserve

• Formation of a working group on digital assets

• Nomination of Paul Atkins to chair the Securities and Exchange Commission

These moves signal a bold stance toward giving the U.S. a central role in global crypto leadership, even as the domestic political battle over regulation grows sharper.

Legislative Roadblocks and Political Tensions

As of Thursday, the Senate had not voted on the GENIUS Act, despite reaching cloture on Wednesday. Meanwhile, the CLARITY Act passed through committee in the House and awaits a full floor vote.

However, opposition remains, particularly from Democrats concerned about the potential conflict of interest posed by Trump’s family’s financial ties to crypto. Their platform, World Liberty Financial, has reportedly issued a private stablecoin that could personally benefit the president while in office.

Broader Context: Spending, Protests, and Market Volatility

Trump’s crypto push also comes at a time of intensifying scrutiny. This week, the House passed a spending bill linked to a reported $45 million military parade, and Trump ordered the deployment of 4,000 National Guard troops to Los Angeles, citing civil unrest.

Meanwhile, a public feud with Tesla CEO Elon Musk over SpaceX contracts and government spending briefly shook investor confidence.

As the crypto market looks for regulatory clarity, Trump is positioning himself as a pro-crypto president, even as the intersection of politics, policy, and personal gain raises ethical and governance questions.